In this episode, Blair and Jeff offer three perfect samples of how they work out their deals. No matter how difficult sometimes it may be, there is always a way. One of their main goals is to learn through their experiences so they can teach you how to make your money faster!
They tackle various real estate topics. Learn how to approach sellers in regards to: eviction, them getting a new mortgage, defaulting on an agreement, reverse mortgages, and land contracts. Discover how to structure an acquisitionist's commission and base salary and how to handle objections.
Finally, acquire skills in marketing for buyers. Always be cautious as to whom you will put in a house; they must follow-through financially! Find out about the pre-screening call, how to respond to various typical questions buyers or tenants make, how to verify their income, and knowing the screening mechanism before screening a tenant.
To listen to the full episode go to MoreDealsLessHustle.com
Mentioned Resources:
In this episode we covered:
- 00:00:00 – Start-up
- 00:01:28 – Three deal samples done by Blair and Jeff and lessons learned
- 00:19:45 – Client questions and comments on three deal samples
- 00:23:57 – About eviction and trying to get a seller out of the house; an exit strategy for the deal
- 00:36:06 – About dealing with a seller that is getting a new mortgage, and when to do subject-tos and wraps
- 00:38:58 – About a client's attorney wanting title insurance at closing
- 00:43:20 – About a deal in Kentucky with a traditional mortgage and a second lien from a medical bill involving Enterprise Collections from Kentucky Department of Revenue
- 00:58:25 – Acquisitionist commission structuring and base salary; how to work out the front-end profit
- 01:01:39 – How to find out if a seller has more liens and loans on a property and finding an exit strategy for this deal
- 01:05:20 – The risks of going into litigation because a seller has defaulted on an agreement and other ways to approach them
- 01:14:45 – How to respond to buyers who are asking how much we require down when doing the prescreening
- 01:16:32 – About eliminating buyers because we have others that can pay more down when marketing for buyers in the pre-screening call
- 01:18:36 – About verifying buyer income and the screening mechanism before screening tenants
- 01:23:40 – How to respond to buyers who show resistance to put a down payment because they depend on loans to be able to do so
- 01:25:15 – Update of a deal in Florida in which a seller was saying a title officer was insisting somebody else should be added to a deed in order to remove them
- 01:28:13 – A client's first telephone conversation with a seller involving a reverse mortgage and options to approach the deal
- 01:33:43 – About a seller who wants to do a land contract and the meaning of land contract
- 01:36:41 – How to deal with sellers and buyers with objections
- 01:40:10 – A scenario for a terms deal and another for a wholesale deal, all-cash
- 01:44:44 – Wrap-up
About Blair:
Blair is the founder and creator of Dealbot, a motivated seller lead generation company. He has managed nearly $2mm in marketing spend and generated over 100,000 motivated seller leads. He also buys and sells houses himself in the Winston-Salem and Charlotte, NC markets. In the past year, he has acquired nearly $3mm in cash flowing rental properties with zero money out of his pocket.
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